As a leading player in crypto, we understand that we have a responsibility to lead the charge when it comes to protecting consumers and rebuilding the industry, the company wrote in its official announcement blog. Earn and spend your crypto using the Binance Card Register an account with Binance and apply for a Binance crypto card today Buy Crypto. Monthly trading volume has fallen below early 2020 levels, he said. Through the recovery fund, Binance is looking to take up the role of an industry white knight. The company has had to resort to an alternative method for Binance.US’s users to convert dollars into crypto.īinance.US’s share of the global market has shrunk to about 0.6% from around 2.39% in April, according to Jacob Joseph, an analyst at researcher CCData. Get an instant loan secured by crypto assets. Soon after the SEC action, customers of Binance.US became unable to deposit or withdraw dollars, a consequence of multiple banking partners cutting ties with the platform. In March, the US Commodity Futures Trading Commission charged Binance and Zhao with “willful evasion of federal law.” The Justice Department is probing Binance as well it hasn’t accused the company of any wrongdoing. Zhao and the companies have denied the allegations. In June, the US Securities and Exchange Commission accused Binance Holdings, Zhao and Binance.US with mishandling customer funds, misleading investors and regulators, and breaking securities rules. Once invested, you can receive daily earnings from Simple Earn and redeem your funds any time you wish. It’s the second round of job cuts this year at the Miami-based firm as it faces a series of mounting legal and operational challenges. Once you’ve transferred the funds, you’re all set to send and receive crypto payments on Binance Pay. The exchange, which is formally called BAM Trading Services Inc., was started in 2019 for US users, who are prohibited from using Binance Holdings. If you want to fund your Binance Pay account, you can instantly transfer crypto holdings from your Binance Spot Wallet to the new Funding Wallet, your one-stop wallet for Binance Pay, P2P, Card and Gift Cards. The departure comes as the company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, as a regulatory crackdown erodes its business.
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